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of <h1>New Section 13B: Electoral Trusts Exempt from Income Tax if 95% Donations Go to Political Parties</h1> Clause 8 of the Finance (No. 2) Bill, 2009 introduces section 13B to the Income-tax Act, effective April 1, 2010. This section addresses voluntary contributions received by electoral trusts, stipulating that such contributions are excluded from the trust's total income for the previous year if the trust distributes 95% of the aggregate donations to political parties registered under section 29A of the Representation of the People Act, 1951, within the same year. Additionally, the trust must operate according to rules set by the Central Government. This provision applies to the assessment year 2010-2011 and subsequent years.
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